A UNIQUE INVESTMENT OPPORTUNITY IN THE PERUVIAN GOLD SECTOR
Cía. Minera Lajón S.A.C. — Predictable and Scalable Cash Flow Generation
VALUE ARCHITECTURE: A CASH GENERATION MODEL IN THE GOLD SECTOR
This document synthesizes the investment opportunity in Cía. Minera Lajón S.A.C., an active and profitable gold operation with an expansion plan that transforms its industrial scale. Our thesis is a Value Architecture designed for predictable and scalable cash flow generation, with world-class financial metrics that support investor returns.
This expansion strategy for the period 2026-2030 aims to set the gold standard in responsible industrial processing. We are not here to look for gold, but to industrialize its benefit with the highest standards of transparency.
THE PARADIGM SHIFT: ZERO GEOLOGICAL RISK
For decades, investing in gold meant accepting geological risk: exploring, drilling, and waiting for uncertain results. At Lajón, we have changed this logic: we have Zero Geological Risk.
Our model is based on toll-milling and sourcing from suppliers already formalized in the La Libertad cluster, which produces 33% of the country's gold. We capture a commercial spread target of between 30% and 40% for each ton processed.
"The price of gold may be volatile, but our purchasing discipline and industrial margin protect the investor's return."
OPERATIONAL ARCHITECTURE: THE LAJÓN-COPPERTAC BINOMIAL
To mitigate risks and maximize efficiency, we operate under a dual structure:
• Cía. Minera Lajón — Our industrial core. This is where the metallurgical magic and metal recovery happen at our Chicama plant.
• COPPERTAC S.A.C. — The corporate and commercial platform, managing export and price hedging in international markets.
This separation is not accidental: it allows operational excellence not to be affected by commercial complexity, guaranteeing total traceability and first-level corporate governance.
SCALABILITY: FROM SOURCING TO INDUSTRIAL REGIME
Lajón is not a paper project; it is an active and profitable operation since 2015. We currently process between 40 tons per day, but the real value catalyst is our expansion plan to 350 t/day in just 6 months. Management is focused on metallurgical efficiency and cash cost, without assuming price risks.
Cía. Minera Lajón S.A.C. (main gold UGE). Current capacity: 40 t/day. Short-term expansion projection (6 months): 350 t/day. Management focused on metallurgical efficiency and cash cost, without assuming price risks.
With a marginal CAPEX of only USD 2.1 million, we will eliminate bottlenecks and connect the plant to the public grid.
The key impact: We will reduce OPEX from USD 80 to under USD 43 per ton, expanding our EBITDA margin by four times.
"Our expansion is a scale leap that quadruples our EBITDA margin by diluting fixed costs."
AN AUDITABLE TRACEABILITY SYSTEM UNDER INTERNATIONAL STANDARDS
In the global market, the purity of origin is as vital as the purity of the metal. Our asset is "bankable" because:
• We apply the OECD 5-step protocol for responsible sourcing.
• We comply with LBMA standards.
• We have a traceability system where each batch has a unique digital file, from plant weighing to the international refinery.
We are prepared for the post-2026 regulatory transition, consolidating ourselves as the reference industrial buyer and the most reliable partner for institutional capital.
"In the global market, the purity of origin is as valuable as the purity of the metal. We are a reliable and auditable partner."